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U.S. stocks this morning kicked off a short trading week in the green, buoyed by word out of Europe of an 11th hour deal to save the banking system in Cyprus, a small Mediterranean island nation getting global attention. Without the deal, Cyprus faced bankruptcy, which could have made it the first country to abandon the euro currency, vexing global markets.
Predictably, investors keeping tabs on overseas markets applauded the deal, pushing all three major indices ticking higher in morning trade. Still, concerns remain that the U.S. economy may feel the hangover from economic struggles in Europe and analysts warn investors to stay defensive and consider moving some of their portfolios into bonds.
While much of this week’s focus will remain on Europe, a batch of U.S. economic data regarding the nation’s own economic health will keep investors on their toes. On tap later this week is the Case-Shiller 20-city index, new and pending home sales, and the MBA mortgage index.
Also coming up is consumer confidence, personal income and spending, and a third estimate of U.S. gross domestic product. Economists expect to see that the U.S. economy expanded by 0.3% in the fourth-quarter of 2012.
The Dow Industrial Average, S&P 500 and Nasdaq are all up between 7% and 11% for the year so far.
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